final assignment university of finance marketing

Product Development QO Conducting comprehensive market research to understand customer needs collecting and analyzing customer data, preferences, and trends in the Vietnamese market de

university of achievers Faculty of Business, Economics & Accounting Department of Business Studies HELP Bachelor of Business (Hons) FINAL ASSIGNMENT University of Finance - Marketing

FEBRUARY 2023 Semester

PRODUCT MANAGEMENT

Acknowledgment

Lecturer/Tutor/Facilitator | Ms Tran Nguyen Hai Ngan

Intake (where applicable) | Take home examination

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analysis

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the calculation

1 SECTION 1

1.1 Dicuss TWO (2) major responsibilities of you as a product manager of Jollibee

As a product manager of Jollibee, some of the major responsibilities that I will have is

A Product Development

QO Conducting comprehensive market research to understand customer needs ( collecting and analyzing customer data, preferences, and trends in the Vietnamese market

develop and refine the new product

Jollibee

product for the target market

B Marketing and promotion

for the new product

QO Identifying key marketing channels, such as social media, advertising, and public relations, to effectively reach the target audience

materials that highlight the unique selling points of the new product

QO Monitoring and analyzing market trends and consumer feedback to refine marketing strategies and ensure maximum product visibility

2 SECTION 2

2.1 Propose a name for the new product and conduct a short core benefits analysis

The new product that appears on Jollibee’s menu in Ho Chi Minh is named “ Ga gion hoang kim” — * Salted egg Fried Chicken”

2

GIANT OAINGEK

'hhững trứng muối giòn tan, cùng với miếng gà fón gidn rym

sẽ khiến bạn không thể ri mắt khỏi đĩa ăn."

6à 6lÒn VUI VỀ càne ăn càne

2.2 Identifying and discuss TWO (2) levels of competition for the new product in the Vietnamese market

Salted egg fried chicken is a dish where chicken is first coated with a mixture of salted yolks and other seasonings, such as curry leaves, chili flakes, garlic, and cornstarch The c then deep-fried until crispy and golden brown The result is a flavorful and savory dish with sweet and salty taste and a crispy texture Some variations of this dish may include < ingredients such as milk powder or cereal flakes for added texture and flavor It is a popul: many Asian countries, including Singapore, Malaysia, and the Philippines (Asian Inspiration

Although it is fried chicken, the different flavors can make it a unique taste For example, in they have fried chicken with a wide range of sauces such as cheese, H&S, etc This can m attract a lot of customers because of the wide option for fired chicken Therefore, it can thr company and take our customers

The strategy of Jollibee is to acquire

established food chains that are managed

well, instead of taking over weak food

chains and hoping to revive them (Brands

Vietnam, 2016)

Vision: "Leading fast-food brand with quality food, friendly service, and spacious environments.”

customers, and bring happiness through food

KFC Vietnam's goal: create a youthful, energetic, leading food brand worldwide

Emart is a business that value Their goal is to cre for customers and to acco! community (Emart Vietnat

Chúng tôi làm cuộc sốn thủ vị hơn! Chang toi

cung cấp giá cá

địa phương!

ingredients, high sanitation standards,

desserts, and beverages KFC’s products are known for their consistent taste and quality

processed foods, snacks, < meals They even have the branded food products

Theses prices will depend on the original

fried chicken of Jollibee compared with

KFC

stores are located in Districts 1,3,4,7 and

10 because these are the place where a lot

always at the corner of the main street and

District 2 ( Emart Thiso M District ( Emart Go Vap) have an online store wher buy products from

Promotion

Jollibee has three kinds of discounts

which are vouchers, free upsize water

when buying a combo, and discounts

through ordering on their website or order

app such as Grab food, Shopeefood,

Gojek, etc

KFC has a discount when buying combo

for example, buying a combo of 5 dishes for only 59,000 VND ( original price: 101,000 VND), and like Jollibee, they can have a promotion on their website or order app

(EdrawMind, 2023)

Emart promotes its food s various channels, such as ¢ store advertising, and er They also offer samples entice customers to try n their food services(Emart,

3 SECTION 3

3.1 Dicuss TWO (2) criteria you can use to evaluate the channel effectiveness of the product

A Reach and Accessibility

Determine how easily customers can access your product through the channel Evaluate the channel’s ability to deliver the product to customers in a timely and convenient manner

Jollibee's physical stores are located at prime locations on main streets with good visibility but are inconvenient for car parking The stores have a variety of employees in each shift including cashiers and dish preparers The Jollibee app has a high rate of users in Vietnam

Jollibee has a strong online presence and provides delivery services through its website, mobile app, and partner channels like Grab and Shopee Customers can easily access menus, order, and receive promotions through the app Partner channels offer additional promotions beyond Jollibee's own

B Channel Adaptability

Evaluate the channel’s ability to adapt to market changes, new technologies, and evolving customer references Consider whether the channel can quickly adjust its strategies and processes to remain competitive

Jollibee has been able to apply channel adaptability in various ways, which are discussed below:

Social Media - Jollibee uses social media to reach the target market effectively For instance, they use Instagram to showcase their products visually, Twitter for updates, and Facebook to interact with their customers (marketinginasia, 2023)

Delivery Services — Jollibee offers strong delivery and varied in-store experiences (marketinginasia, 2023)

Product Offerings - Jollibee has adapted its product offerings to accommodate the different needs and preferences of its customers They offer different menu items across different locations, depending on the local food culture and preferences (marketinginasia, 2023)

product line of Jollibee to reach out to the consumers

A Online ordering and delivery:

Jollibee can set up an online ordering and delivery system to reach out to customers who are unable or unwilling to visit their physical stores during the pandemic This can be implemented through their website or mobile app, making it easier for customers to place orders and receive their food without leaving their homes This would also allow Jollibee to expand its reach beyond its typical geographic locations

B Drive-thru service:

Jollibee can also adapt to the changing retail environment by offering drive-thru service in their physical stores This would allow customers to pick up their food without leaving their vehicles, reducing the risk of exposure to the virus Customers can simply place their orders ahead of time via Jollibee's website or mobile app, and then drive to the store for pickup This would be an attractive option for many customers who are seeking convenience and safety during the pandemic

3.3 Innovation in channel distribution can yield benefits like saving costs and increasing profits

Dicuss TWO (2) methods for the new product to reach to the end users while relying lesser on the current channel

The new flavor of salted egg fried chicken has a strong potential to appeal to these users since the dish offers a unique and bold flavor experience The salted egg flavor is becoming increasingly popular in the food industry, and Jollibee's innovation in incorporating it into their fried chicken adds a fresh and exciting twist to their menu This move by Jollibee is indicative of their willingness to experiment with new flavors and stay ahead of the curve in the industry

Furthermore, Jollibee should target individuals who enjoy exploring different cultures and cuisines The salted egg flavor is commonly found in Southeast Asian cuisine, making it the perfect opportunity

to attract new customers who are curious about these flavors It is a unique experience that offers a taste of the unfamiliar while maintaining the familiar comfort of a fast-food chain that Jollibee offers Jollibee's new flavor of salted egg fried chicken is a unique and exciting addition to its menu The target users that Jollibee should aim for are individuals who enjoy fast food and are always on the lookout for new and exciting flavor profiles These individuals are typically young adults and working professionals who enjoy spending time with friends and family while indulging in delicious fast food

new methods

First of all, coordinating partnerships Most young adults and adults usually gather in shopping malls and supermarkets Jollibee should coordinate with these partnerships For the shopping malls, some areas which sell clothes like Takashimaya have Takashimaya areas which include a lot of brands, Jollibee will give a voucher for a new product to the customer who buys the product in the shopping mall areas Furthermore, with a physical store in the shopping mall and receiving a voucher, this is a psychology for the customer, after a while shopping, the customer will have a hungry feeling, and receiving a voucher is a push for a customer to come and use that voucher immediately For the supermarket, Jollibee will have a small food stall that serves a sample of the new product This is a convenient, fast way to approach all the customers because when they taste the new product and love that new flavor and when they come to a physical store, they will order that new product in a large size

Secondly, building a membership on the Jollibee app and giving the member discount base on the level of membership Creating membership and dividing into 2 groups such as Green member and Gold member To upgrade from green to gold member they need to earn 100 stars and 1 star = 40,000 VND When releasing a new product, these members will receive a notification of this new product and attach a discount based on the level of membership For instance, with a Green member, they will have a 5% discount and a Gold member will have a 10% discount when they buy a new product This can make them want to try a new product at a good price

Nam moi nhat, 2023) | Nam moi nhat, | Uyen, 2023)

2023)

5 SECTION 5

1 Increased Competition and Market Share:

The launch of Jollibee's salted egg fried chicken has created intense competition within the fast food industry in Vietnam The product has been well-received by consumers and has established Jollibee as a major player in the market Other fast food brands are now forced to compete not only with Jollibee but also with each other to attract customers This has increased advertising and promotion to entice consumers toward their brand Moreover, Jollibee's expansion and strong branding strategy have gained market share leading to decreased business for the small local food business

2 Shifting Consumer Preferences and Market Trends:

Over the years, consumer preferences and market trends have shifted towards healthier and more nutritious food items However, Jollibee's salted egg fried chicken, loaded with calories and sodium, does not align with this trend This might lead to a decline in sales as more customers look for healthier fast food options On the other hand, Jollibee's unique idea of introducing salted egg as a flavor in fried chicken may increase the brand's popularity as a novelty among consumers, making it more attractive in the market